OpenSea has grown to become one of the leading platforms for NFTs. It was the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is lengthy. If you prefer to watch a video instead, you can check out the review of this channel. They’ll walk you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer the written word, go through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Thursday Schedule
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets, or any other characters that could be traded or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT was invented. In the present you can create digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller will be the one to pay the price for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Nft Thursday Schedule
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Thursday Schedule
They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Thursday Schedule
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via their contact form. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Just go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they constantly change every now and then.